Tuesday, May 12, 2009

Maersk Line looses $559m first quarter 2009

You will see other headlines stating Maersk lost less, around $373 Million. However, that includes non-shipping business related to energy. It obviously made money, bringing the total loss down for the group.

Maersk Line and related activities lost $559m after tax against a profit of $80m a year earlier.

There is no information as to their revenue for the 1st quarter, so it's not easy to compare their losses with Hapag-Lloyd's. However, as Maersk lost around $560 Mil., and they are the largest container carrier, and Hapag lost around $300 Mil, and they are (I think) the 5th largest, I don't think one is any worse off than the other.

It won't get better any time soon.

In a statement, the group (Maersk) said there was no immediate prospect of any improvement in market conditions.

click here for complete article from Lloyds List

correction - the news release from Maersk gives the revenue, both in DKK (the Danish currency) and US Dollars. I haven't compared it to Hapag's for the first quarter, but it's all bad. Best to just move on.

click here for news release from Maersk

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